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HomeMy WebLinkAbout0996 ~ such construction. ~ This moetgage is subjeet to the terms, provistons and condltions oi that . certei~ ConstruQtion Loan and FcojeCt Agreement of even date herewith, entered into ~ betw~en the . blortgagor and the Mortgagee, which Agreement ia by ceference ~ incorporated heretn snd made a paM hereof. 3ald Constcuction Loan and Project ~ Agceement- is available tor .fnspsetfo~ by all pactles in intereat ai the ofii~e ot the ~ Mortgagee. It fs understood and egreed that a deiault by the Mortgegoc under the ~ terma oi said Conatruetlon Loan and Project Agreement shall aonstitute e default undec the tecros of thia moctgage and in the event of default in safd Agreement, Mortgagee may, at its optlon, accelecate maturity oi the debt hereby secured. ~ ~ Notwithstanding anything in this mortgage, and the note aeeured hereby, to t ~ the contrary, it is ~ further agreed by the Mortgagor that in the event the building or bulldings to be ereeted an the said premises are not eompleted fn eaeordanee with the terma oi - the Construction Loan and Project Agreement and the Plans and 3pecificetlons submitted Lo the Mortgagee hecein, or that work on said c.wnstcuation shall eease before completion and satd work shall remain abandoned for a period of forty-five (45) days, then and In either event the entirte sum that has been disbursed on aecount of the note secuced by this mortgage, less any amounta that may have been _ repaid by the Moctgagor, ahall, - at the option of the Moctgagee, at onee beeome due and payable with ell acocued int~rest thereon at the rate provlded in seid note; and in the event of abandonment of Nork upor~ the ~onsiruetion of said building or buildings ~ for a period of torty-five ~45) days as aforesaid, the Mortgagee may, at its option, 81so enter into and upon said premises and eomplete the eonstruction of the buildlr~ or buildings, hereby giving to the Moctgegee full power and authority to make such entry and ta entec into such eantracts or egreements as may be necessary to complete the said buildtng or buildings and money expended by the Moctgagee in conneetion with such eompletion of constructlon shall be added to , the principal amount of the note secured hereby and such added amounts shall be aecured by the lien oi this mortgage - and shell be payable on demand with interest at the rate specifled in said note. 24. Mortgegoc shall furnish to Mortgagee, withtn ninety (90) days of the end of each -fiscel year, a balance sheet together with a profit and I~s statem~nt, including reconcilment of surplus and other such opereting statements indicating the soucce of income and the expenditures of all expense items during the operating year as Mortgagee may require, eertifled by a certified publlc acco~uetani satisfactory to Mortgagee. 25. The Mortgagor and Mortgagee have agceed that the property encumbered hereby may be subjected to a D~claration of Condominium fa the development oi residential apartment units pucsuant to the~ Florida Condominium Law. Mortgagee may joir~ in said Declaration of Condominium for the purpose of expressing its consent thereto and Mortgagee shall thereafter release indlvidual condominium units from the lien of this mortgage u~on the condttions end the payment to it of certaln sums all as moce specificslly set forth in the Construetion Loan and Project Agreement executed simulteneously herewlth. The Mortgagee's obligation to join in sueh Declaration ot Condominium shall he subject to the conditions set forth in said Constcuction Loan and Projeet Agreement. In connection with the development and marketing of the proposed condominium project, Mortgagor agrees to confocm with and abide by all laws affeeting condominium development and sales, including the Floride eondominium disclosure law, and aU appliceble Federel, Flocida and other state laws afiecting the sales of and menagement oi condominium units. 26. During the entire term ~ ot the Mortgage, all the issued and outstanding capital stock of the General Partner of Mortgagor shall be owned by GULF OIL CORPORATION, a Pennsylvenia eorporation, and no essignment, sale or other tcansfer shall occur with respeet to sueh atoek wlthout the pcioc written consent of the Mortgagee, whieh c~onsent ahell not be unceasonably wlthheld. In the event of an . assignment, sale or othec transfec ~of said capiial stock, and the Mortgagee does not consent thereto, the Mortgagor shall have the right to prepay in full the Note secured by thls Mortgage. . 27. Should Mortgagor sell under contract oi sale, lease with option to purehase, convey, transfer, assign or alienate, said pcoperty or any part thereof or any interest therein, or agcee so to do, voluntarily or should Mortgagor ehange or permtt to be ch~nged the character or use of sald property without, in eaeh instance, ~ -s_ 5~k~ 299 Pa~E~ 996 . ~ ~ , - - _ _ - ~ . ~ .